The average house price in England and Wales has reached nearly £200,000, new figures from the Land Registry reveal.

Data from the Land Registry, which records the actual selling price of properties in England and Wales, shows that the average house now costs £199,184, an annual price growth of 7.71 per cent, compared to a price growth for the same time last year of just 5.43 per cent.

House prices experienced the strongest growth in the north of England, with prices 11.13 per cent higher between April and June than at the same time last year.

However, property was still cheapest in the north of England at £137,861 for the average home, compared to the most expensive area, Greater London, where the average property cost £317,679.

Many experts believe that house prices have not yet reached their peak, a view shared by mortgage advisory firm John Charcol, which predicts that the next figures to be released will also show a rise.

Although the 7.71 per cent rise in house prices does not mean that property is less affordable, affordability for mortgage hunters is not going to get any easier, Ray Boulger, senior technical manager for John Charcol, said.

"People have to be comfortable and responsible in that the property they want is not only accessible but affordable," he advised.

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